(Bloomberg) -- Sunac China Holdings Ltd. will raise about HK$1.2 billion ($155 million) through placements, the first time in a year that the developer is doing an equity fundraising.

The Tianjin-based company will offer as many as 489 million shares at HK$2.465 per share in a top-up placement, according to a filing to the Hong Kong stock exchange on Thursday. The price represents a 20% discount to its closing price on Wednesday and shares fell 15% on Thursday.

The placement is a rare move among Chinese developers following the meltdown in the country’s property sector. Sunac is one of the few large real estate companies to pull off a debt restructuring. 

Once China’s fourth-largest developer by sales, Sunac overhauled some $10 billion of offshore debt last year, while its bigger competitors including China Evergrande Group remain mired in negotiations.  

Sunac plans to use the proceeds to support “long-term solutions” for its onshore bonds. The company has extended the principal and interest payments on its onshore corporate bonds from the first half and the third quarter to the end of this year. 

“Resolving such debt risk will benefit home delivery and recovery in operation,” Sunac said in a separate statement.

The company continues to face headwinds as it reported a net loss of 14.96 billion yuan ($2.1 billion) for the first half as revenue fell 41%. 

The developer risks missing its 2024 target to hand over more than 170,000 homes to buyers, Bloomberg Intelligence analyst Kristy Hung said in a note in September. Struggles with housing completion could weaken confidence in its pre-sales and further extend its sales slump after a 52% plunge in the first seven months, she said.

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